What's going on with Grayscale ($GBTC) and bitcoin? As summarized by James Bianco:
1) Grayscale is closed-end fund that owns Bitcoin (BTC). It currently owns the equivalent of $16 billion in BTC. 2) Because GBTC is a closed-end fund, it can and does trade at huge discounts and premiums (see the bottom panel on the chart). As of yesterday's close, GBTC traded at a 25% discount to its Net Asset Value (NAV). 3) Many years ago, Grayscale filed with the SEC to convert its closed-end fund to an ETF in order to be able to create and redeem shares. This makes it easy to keep the price and NAV at nearly the same level. Until now, this conversion never got approved (the SEC has so far denied all spot bitcoin ETF applications) 4) Today, The Court of Appeal ruled IN FAVOR of Grayscale in their lawsuit challenging the SEC's decision to deny $GBTC's conversion to an ETF. This paves the way for the first "spot" bitcoin ETF. Source: James Bianco
Is the US job market finally cooling down?
The JOLTs report for July showed a huge drop in job openings (8.82mln vs the Street 9.5mln), and June was revised meaningfully lower to 9.16mln from previous 9.58mln Source: Bloomberg, HolgerZ
Investors predict that the coming years will be marked with defaults and spending cuts as a larger portion of corporate, household and state income goes into financing debt
A stark indicator of the approaching sea change is the gap between what governments and companies globally are currently paying in interest and the amount they would pay if they refinanced at today’s levels. Apart from a few months around the global financial crisis, the gauge has always been below zero. Now it’s hovering around a record high of 1.5 percentage points. Source: Bloomberg
The last 30 years...
Source: Seek Wiser
The last time 10Y yields were this far above $SPX dividend yields was September 2007, the month stocks peaked
Source: zerohedge
The 2,850% gain in $AMC shares during the 2021 meme stock mania has been completely erased after a 98% decline
Barbie and Oppenheimer movies could not do anything about it Source chart: Charlie Bilello
Global liquidity slump could become a drag on risk assets
Source: Bloomberg, HolgerZ
CBOE Volatility Index $VIX has closed under 19 for 64 consecutive trading days, the longest streak since early 2020
Source: Barchart
